单选题 Directions: In this section, you will hear ten short conversations. At the end of each conversation, a question will be asked about what was said. The conversation and question will be spoken only once. During the pause, you must read the four choices marked A, B, C, D, and decide which is the best answer.

单选题{{B}}Section One{{/B}} Directions: There are three passages in this section. Each passage is followed by some questions or unfinished statements. For each of them, there are four choices marked A, B, C and D. You should make the best choice and mark the corresponding letter on the ANSWER SHEET by drawing a single line through the center. Passage 1 New securities by companies are usually brought to market after advice and a commitment to underwrite by an investment banking firm. Underwriting simply means that the investment banker promises to buy the securities. The investment bank helps design the security and the investment banker buys it from the issuer with the intent of selling it to investors as quickly as possible. Usually, the issue is not subscribed to in its entirety by the original investment banker but is syndicated among other institutions as well. Through the syndication process, the original investment banker invites others to subscribe to a part of the issue, receiving a predetermined portion of the fees in return. The original investment banker becomes known as the lead manager of the deal. ff there is more than one lead, the group is referred to as co-lead managers. The firm that deals directly with the company will be responsible for any syndication formation and also for final payment on behalf of the syndicate. It is referred to as the book runner for the issue. New issues of common stock come into two varieties-primary distributions and secondary distributions. Primaries are sales of stock that have never been issued before. There are two types of primary distributions-initial public offerings (IPOs) and additional floats of companies' stock that will dilute each shareholder's existing holding. Of the two, the latter are more common in the new issues market for equities since they involve offerings of shares of larger, more mature companies seeking additional equity capital. Secondary distributions are sales of stock that previously existed in some form or other but are too large to be accommodated on the stock exchanges. Procedures for secondaries often follow those for primaries although the offering period is much shorter and may involve a matter of hours rather than days. The actual marketing for these issues is done by investment bankers directly to the public. On rare occasions, companies have attempted to sell their shares or bonds directly to the public, avoiding investment banking fees. Unless the company is very well known, such attempts are less than successful. The behavior of investment bankers is key to the reception of new issues and directly affects the cost of capital for a company. As a result, the choice of an investment banker is crucial for a company, and the wrong choice could affect its costs over the near tenrm. This is true for bonds as well as for common stocks.

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单选题According to the passage, all of following bills of lading are considered documents of title except ______.

单选题Presentment for payment of a promissory note is ______.

单选题Acceptance of the bill by the drawee is referred to as presentation.

单选题In the simplest form of international trade, the open-account basis, banks actually have only a simple transactions role. In the open-account basis, the importer and exporter are well known to each other and probably have established a successful working relationship. The importer orders goods and promptly pays for them when the goods and title thereto are received. Almost as simple is the foreign collection basis, in which a bank is used to transmit collected funds. Before the goods it has bought can be shipped, the importer must place funds with its bank so that the exporter is assured that payment will be made with collected funds. In this instance, the bank is merely an agent and not a lender.

单选题Following the preparation of the profit and loss account, it is discovered that work-in-progress has been overvalued by ＄2,000 and an accrued expense of ＄500 has been overvalued. This will have resulted in ______. (a)an overstatement of net profit of ＄2,500. (b)an understatement of net profit of ＄2,500. (c)an overstatement of net profit of ＄1,500. (d)an understatement of net profit of ＄1,500.

单选题It is not necessary for a hank to have adequate provisions as allowance for bad debts.

单选题My lawyer will ______ my will. A. draw up B. name as C. probate

单选题 Directions: Read the following passages and determine whether the sentences are " Right" or "Wrong". If there is not enough information to answer "Right" or "Wrong", choose "Doesn't say". Then mark the corresponding letter on the ANSWER SHEET by drawing a single line through the center.{{B}}Passage One{{/B}} Besides a current or spot price for currencies (or monies) and spot markets, there are futures markets, where futures ( or forward) prices are determined by buying and selling futures contracts. Also, a large volume of forward contracts is made directly between participants in the foreign exchange markets. Spot transactions require the exchange of deposits by two days after the date of the contract. Forward transactions require an exchange of deposits at specified longer maturities on the forward contract. There are standardized maturities of three months, six months, and one year, and on major currencies, longer contracts are sometimes available. Banks, acting as financial intermediaries, make available forward contracts tailored exactly to their customers needs, such as 46-day maturity. If the spot price is below the forward price, the currency is said to be at a forward premium. If the spot price is above the forward price, the currency is said to be at a forward discount. Both spot and forward markets for currencies are subject to control and intervention by governments. The governments may step in to support their domestic currency by buying it. They may impose exchange controls on the repatriation of profits or interest payments. The risk of loss in forward contracts because of these latter controls can be called sovereign risk. Thus spot and forward markets can suffer from imperfections. The evidence, however, generally tends to support the hypothesis that these markets are approximately efficient, especially the offshore foreign exchange markets that are free of government controls.

单选题A credit card is a plastic card (or its equivalent) to be used upon presentation by the cardholder to obtain money, goods, or services, possibly under a line of credit established by the card issuer. The cardholder is billed for any outstanding balance. Credit card customers are given a credit limit on the credit card account and can buy goods and services up to this amount. Normally, banks will set different credit lines to the different groups of cardholders. Every time cardholder uses a credit card for purchasing, he/she must sign a sales slip in the presence of the seller, and the signature is then compared to the signature on the card. Copies of the sales slips have the details of the card and they also show the details and amount of the sale. Each month the cardholder receives a statement from the bank which details all the trans- actions in the month, together with the total amount outstanding and any minimum amount that needs to be paid. When the full balance is not settled each month, the cardholder is charged a compound interest ( say 0. 05% ) on the outstanding balance , and this is supposed to provide the bank with a main source of income ( although in China , this revenue is still low because people are reluctant to run into debt) . Other two major sources of credit card services are the annual fee from the cardholders and the percentage of the sales revenue as the commission paid by the seller.

单选题A futures trader must deposit an additional amount of money into a margin account at the clearinghouse if the margin account ending balance is below the: ()

单选题The repayment of the proposed loan ______.

单选题A.Theywillwritetotheirhome.B.Theywillwritetotheirheadquarter.C.Theywillaskfortheirrights.D.Theywillwaitforanofficer.

单选题Legal sanctions here refer to legal approval.

单选题{{B}}Passage Three{{/B}}

单选题"You are allowed to write up to ten checks without a service charge.""That's all? You mean ten checks is the ______?"

单选题A check payable to Johnson is endorsed by him "pay Parry Smith only" What type of endorsement is this? A. Blank B. General C. Restrictive D. Special